Things are going rapidly downhill for BT (LSE:BT.A) and its share price. In May, the FTSE 100 stock hit 242p, its highest since 2019. Today, it changes hands at 190p, down 23% from those highs.

And the decline is accelerating, with BT’s shares falling 8% in just the past five days. Here, I’m asking the simple question: what’s going on, and is this a top dip-buying opportunity for savvy investors?

What’s happened?

Let me make one thing clear: investor appetite for BT shares hasn’t collapsed. It’s recently been the most-bought UK or US share among AJ Bell clients, as my fellow Magpie John Fieldsend recently commented.

But there’s no doubt that market enthusiasm around BT’s fizzling out. Some…